ESMA consults on simplifying EU Taxonomy disclosure framework
The European Securities and Markets Authority (ESMA), the EU financial markets regulator and supervisor, has launched a consultation on technical advice to the European Commission (EC) on selected KPIs under the Taxonomy Disclosures Delegated Act, focusing on simplification and reduction of reporting burdens for market participants.
The consultation builds on recent simplification efforts under the Commission’s Omnibus package and aims to support the broader review of Taxonomy reporting, focusing on simplifying the reporting framework while preserving the relevance of disclosures for investors.
ESMA proposes several simplifications to the Taxonomy disclosure framework for non-financial undertakings and asset managers. These include the operational expenditure key performance indicator (OpEX), addressing stakeholder concerns about complexity and reporting burden. ESMA also seeks feedback on a possible pragmatic solution for group-level reporting in mixed groups, based on the parent undertaking’s reporting model.
The European Commission requested each European Supervisory Authority (ESA) to provide advice on targeted aspects of the review the Taxonomy disclosure framework. The ESAs are requested to address specific issues within their remit, as well as horizontal topics of common interest. The EBA consultation is accessible here, while EIOPA’s consultation can be found here.
Next Steps
The consultation will run for six weeks, until 12 August 2026, in parallel to the consultations by the other ESAs. ESMA will hold a public hearing to present the proposals and engage with stakeholders on 22 July.
Following the consultation, ESMA will deliver its final technical advice by end-October 2026, as requested by the European Commission.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu